🇵🇹 Broker coverage in Portugal

Regulatory overview

Portugal financial markets regulator is the CMVM (Comissao do Mercado de Valores Mobiliarios). Forex and CFD trading is legal for Portuguese retail clients within the EU MiFID II framework and the ESMA product-intervention measures: leverage capped 30:1 to 2:1 by volatility, 50% margin close-out, negative-balance protection. [S1] Eligible claims against a failed investment firm are covered to the EU minimum of EUR 20,000 (national scheme may differ). [S2] Per-broker CMVM authorisation must be confirmed individually. [S3]

Considerations

Confirm the entity is CMVM-authorised or EU-passported, not an offshore affiliate. [S3] Retail leverage is capped (30:1-2:1); higher offers usually mean a non-EU entity. [S1] Investor-compensation cover is limited; excludes trading losses. [S2]

Frequently asked questions

Is forex/CFD trading legal in Portugal?

Yes, for retail clients, under the EU MiFID II / ESMA framework (leverage caps, 50% margin close-out, negative-balance protection). [S1]

How much investor protection applies?

At least the EU minimum of EUR 20,000 per investor for covered claims; this does not cover trading losses. [S2]

Sources

1. [S1] ESMA - final product-intervention measures on CFDs — https://www.esma.europa.eu/press-news/esma-news/esma-adopts-final-product-intervention-measures-cfds-and-binary-options
2. [S2] EU Investor Compensation Schemes Directive 97/9/EC - EUR 20,000 minimum — https://eur-lex.europa.eu/eli/dir/1997/9/oj
3. [S3] CMVM register of financial intermediaries (per-broker authorisation check) — https://web3.cmvm.pt/sdi/intermediarios/index.cfm